External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We inch up our target price (TP) for FPT by 0.5% to VND121,200/share but downgrade our rating from BUY to OUTPERFORM.</li><li>Our slightly higher TP reflects (1) a 2% lower average 2025-26F NPAT-MI forecast and (2) our 26% lower in-house TPB valuation (see our Update Report, published May 27, 2025), which is offset by (3) the positive impact of extending our valuation horizon to end-Q3 2026 (from mid2026 previously) to better capture the expected 2026F recovery.</li><li>We expect tariff finalization to improve visibility for global IT clients, driving a rebound in signed revenue from H2 2025, which should flow through to reported revenue from 2026F.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We inch up our target price (TP) for FPT by 0.5% to VND121,200/share but downgrade our rating from BUY to OUTPERFORM.Our slightly higher TP reflects (1) a 2% lower average 2025-26F NPAT-MI forecast and (2) our 26% lower in-house TPB valuation (see our Update Report, published May 27, 2025), which is offset by (3) the positive impact of extending our valuation horizon to end-Q3 2026 (from mid2026 previously) to better capture the expected 2026F recovery.We expect tariff finalization to improve visibility for global IT clients, driving a rebound in signed revenue from H2 2025, which should flow through to reported revenue from 2026F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FPT Corp (FPT) - Global IT Signed Revenue Rebound to Drive 2026F Recovery